Ms. Lisa Chen,.MBA and CPA, joined PWC in 2010 as Managing Director and Partner of corporate financial consulting. She earned an MBA in finance atfromRutgers Business School, and previously attended NYU Stern School of Business, where she majored in finance and accounting.At PWC Ms. Chen is responsible for high-tech companies, including Intel, and managed a staff of over 30 partners, senior managers and CPAs, and traveled on business in the U.S. and abroad approximately 30-40% of her time.

PWC was asked to assist Intel Corporation ("Intel" or "The Company") in creating a financial model designed to project their funding needs. Ms. Chen and her deputy called on the Company's CFO and his senior staff for a discussion, which lasted a couple of hours. Following the meeting, Ms. Chen reviewed Intel's Form 10K (which can be found athttps://www.sec.gov/edgar/browse/?CIK=50863&owner=exclude) and internal financial documents, and assigned the task to a couple of partners and ask to see their Intel's analysis in two weeks. which can be found athttps://www.sec.gov/edgar/browse/?CIK=50863&owner=exclude. Additionally,among Intel's comparable companies are Advanced Micro Devices, Inc (AMD), Texas Instruments Inc (TXN) and Nvidia Corporation (NVDA),.

1. Assume that Intel is to expand in 2022 through 2026 at the same trend that it experienced during 2015 through 2019. Derive the income statement and balance sheet for 2022 through 2026 by utilizing the percent of sales approach.^[1]
2. Derive the external funding needs^[2] (EFN) for both 2022 and 2023 based on the pro forma financials in question #1 above.
3. Discuss your recommended funding strategy for the EFNs?
4. Assess the implications of your recommended EFNs funding on Intel's capitalization structure.
5. Discuss how your answer to the abovequestion #2 abovebe affected if the firm operates at less than full capacity utilization.